development1

Life Care Services Underway with $100M Second Phase at Sagewood CCRC in Phoenix

by Amy Works August 12, 2019

PHOENIX — Life Care Services is developing the $100 million second phase at Sagewood in Phoenix. Westminster Capital is the joint venture development partner of the property, which opened in 2010 and currently has 316 units. Situated on 3.5 acres, the 220,000-square-foot second phase will include 101 independent living apartments. Phase II will feature one- and two-bedroom apartment homes; an 18-hole championship golf putting course; new dining facilities, including The Owl’s Nest restaurant and lounge; expansion of the existing Canyon Café; and an expansion of the current Palo Verde Dining Room, which will become an entirely new, separate venue. Additionally, the second phase will include card rooms and new administrative offices. The new phase will offer 13 different apartment home floor plans, ranging from one-bedroom units to two-bedroom plus den layouts. The units will measure between 873 square feet and 2,351 square feet. All residences will also include patios or balconies offering scenic views. Todd & Associates is serving as architect and The Weitz Co. is building the project. Phase II will be the largest addition to Sagewood since opening in 2010. The new phase is slated for completion in late 2020. Sagewood features a fitness center, movie theaters, indoor …

August 12, 2019

Development Office Texas

Hillwood Urban, USAA Break Ground on 365,000 SF Office Project in Dallas’ Victory Park

by Taylor Williams August 12, 2019

DALLAS — A partnership between Hillwood Urban and USAA Real Estate has broken ground on Victory Commons, a 365,000-square-foot office project that will be located within the 75-acre Victory Park development in downtown Dallas. Designed by BOKA Powell, the 15-story, Class A building will feature a tenant lounge, coffee bar and a rooftop terrace, Victory Commons is expected to be available for occupancy in fall 2021. HFF arranged construction financing for the project through QuadReal.

August 12, 2019

Development Illinois Midwest Office

McShane Completes Construction of 150,000 SF Office Building in Chicago

by Kristin Harlow August 12, 2019

CHICAGO — McShane Construction Co. has completed the O’Hare Office Building in Chicago on behalf of developer GlenStar Properties. The 150,000-square-foot building sits on a 3.5-acre site near the Chicago O’Hare International Airport. The first three floors and part of the fourth encompass structured parking. Floors five through eight feature open-office areas. The total parking count is 628 spaces. Wright Heerema Architects designed the property.

August 12, 2019

Development Kansas Midwest Missouri Multifamily Seniors Housing

LANE4 Begins Development of Two Senior Living Communities in Metro Kansas City

by Kristin Harlow August 12, 2019

OVERLAND PARK, KAN. AND BLUE SPRINGS, MO. — LANE4 Property Group has begun development of two senior living communities in metro Kanas City. Both facilities, expected to open in summer 2020, will be branded as Novel Place. One property will be situated at 95th Street and Metcalf Avenue in Overland Park, while the other will be located at Highway 40 and Highway 7 in Blue Springs. Each location will include 134 independent living units across three stories. Community amenities will include common areas, outdoor courtyards and fitness studios. Omaha-based NewStreet Properties LLC has joined LANE4 as an investment partner on both Novel Place properties. Davidson Architecture + Engineering and Centric General Contractors make up the project team. Academy Bank is providing construction financing for the Blue Springs location, while Security Bank is providing financing for Overland Park. Monthly rental rates are expected to start at $1,800, according to the Shawnee Mission Post.

August 12, 2019

Development Illinois Industrial Midwest

FCL Breaks Ground on 150,838 SF Spec Industrial Building in Batavia, Illinois

by Kristin Harlow August 12, 2019

BATAVIA, ILL. — FCL Builders has broken ground on a 150,838-square-foot speculative industrial building located at 1850 Fabyan Parkway in Batavia, a western suburb of Chicago. KRC Holdings LLC is the developer. Construction is expected to be completed before the second quarter of 2020. Kate Foxworth of Morken & Associates will market the property for lease.

August 12, 2019

Development Retail Texas

MLB Capital Partners Breaks Ground on Houston Farmers Market Redevelopment Project

by Taylor Williams August 9, 2019

HOUSTON — Commercial investment firm MLB Capital Partners has broken ground on its Houston Farmers Market redevelopment project. MLB Capital will upgrade the 77-year-old market to include modern infrastructure, climate-controlled spaces, shaded areas, restrooms, common seating areas, organized parking and traffic circulation, defined sidewalks, site landscaping and dedicated green spaces. Additionally, James Beard Award-winning chef and project consultant Chris Shepherd plans to develop a concept unique to the Houston Farmers Market. The market will maintain business operation throughout the redevelopment process. Clark Condon Associates, Studio RED Architects, Gunda Corp. and Arch-Con Construction have been named to the design and construction team. Project completion is slated for late 2020.

August 9, 2019

Acquisitions Development Illinois Industrial Midwest

Logistics Property Co. Acquires Infill Site in DuPage County, Plans 274,855 SF Industrial Development

by Kristin Harlow August 9, 2019

ADDISON, ILL. — Logistics Property Co. (LPC) has acquired a 15-acre infill site in Addison within DuPage County. LPC plans to develop two industrial facilities totaling 274,855 square feet. Known as Swift & Lake, the site is situated on the southeast corner of Swift Road and Lake Street. Construction will commence immediately with delivery slated for the second quarter of 2020. Doug Pilcher of Cushman & Wakefield will market the properties for lease.

August 9, 2019

Development Multifamily Northeast Pennsylvania Student Housing

CA Student Living Begins Construction on $86M Student Housing Project in State College, Pennsylvania

by Alex Patton August 8, 2019

STATE COLLEGE, PA. — CA Student Living has begun construction on HERE at State College, an $86 million, 227-unit student housing property located one block from Penn State University. The 12-story complex will feature more than 700 beds and house 30,000 square feet of retail space on the lower two levels. The general contractor is Missouri-based Brinkmann Constructors, and the architect is Shepley Bulfinch. HERE at State College is expected to open in fall 2020.

August 8, 2019

Development Multifamily Northeast Pennsylvania Student Housing

Pinecrest, Cardinal Group Complete 473-Bed Student Housing Community in Pittsburgh

by Alex Patton August 8, 2019

PITTSBURGH — A joint venture between Pinecrest and Cardinal Group has completed construction on The Bridge on Forbes, a 473-bed student housing property in Pittsburgh. The community offers fully furnished studio-, one-, two- and three-bedroom units to students attending the University of Pittsburgh, Carnegie Mellon University and Carlow University. Shared amenities include a 24-hour fitness center, an outdoor deck with grilling stations and fire pits, collaboration rooms, a coffee bar and lounge and retail space occupied by Arby’s and Bank of America. The property is fully leased for the upcoming academic year.

August 8, 2019

Acquisitions Development Multifamily Washington Western

Concord Pacific Buys Multifamily Development Site in Seattle for $72M

by Amy Works August 8, 2019

SEATTLE — Concord Pacific, a Canadian residential developer, has acquired a multifamily development site located at 1901 Minor Ave. in Seattle for $72 million. Situated within Seattle’s Denny Triangle neighborhood, the site has master-use permit approval for two high-rise residential towers over a large podium. This acquisition is Concord’s second commitment to building vertical neighborhoods in Seattle. Ross Klinger and Tim Foster of Kidder Mathews represented the buyer in the deal. The name of the seller was not released.

August 8, 2019

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